How to protect your home and wallet if you live in a hurricane zone
The hurricane season in the US begins on June 1 and lasts until the end of November, its consequences often costing a pretty penny to homeowners who live in the hurricane zone.
Edition The Fiscal Times collected tips on how to minimize hurricane losses.
Scientists predict “above normal” hurricane activity this year from 11 to 17 storms. Of these, 5-9 can become hurricanes, and 4 of them can gain threatening force.
The fact that your home is insured does not mean that all your expenses in the event of a hurricane will be covered.
For example, your policy may include deductions in the event of a hurricane, which makes you responsible for the equivalent of 1% to 5% of the insured value of your home.
The application of these deductions depends on the policy, as well as on the state in which you live. Hurricane deductions apply in 19 states and the District of Columbia. These are Alabama, Connecticut, Delaware, Florida, Georgia, Hawaii, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas and Virginia.
If you live in one of them, try to have the necessary amount to cover the deduction in case of a hurricane.
Your home insurance probably does not cover flood damage, so you need to buy an insurance policy for this either through the National Flood Insurance Program or in the private market.
According to the 2016 year, only 12% of US homeowners have a flood insurance policy.
Keep in mind that coverage for such insurance is limited to $ 250 thousand for damage to the building and $ 100 thousand for damage to furniture and other property in the house.
Flood insurance does not cover all areas that may be affected. This concerns the overloading of the sewage system and mold - they are not covered by the insurance policy.
List of what to check first
Hurricane deductions. Check how much you will need to pay, according to the policy.
Learn the details of insurance. Find out if your insurer reimburses hotel accommodation or rent a home if you are moved from your home due to a hurricane. Check the limits on which coverage of hotel accommodation or rental housing is limited.
If you live in a flood risk zone and have not yet purchased the appropriate insurance, buy it now, but also do not forget about the financial limitations of such insurance.
Add valuable items to your home insurance: jewelry, works of art, so that in case of damage or loss you can get a refund.
Think about improving the protection of your home. Check valves can protect your home from sewage and drainage flow. Install roof protection and shutters in case of a storm.
Read also on ForumDaily:
How to protect yourself during an earthquake: updated instructions
How to survive a hurricane with minimal losses
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